Unequal incomes arise from
a. discrimination.
b. luck.
c. different schooling.
d. all of the above factors.
d
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Every day, ________ changes to make the quantity of money demanded equal the quantity of money supplied
A) real GDP B) the money supply C) the inflation rate D) the nominal interest rate E) the price level
Suppose a perfectly competitive market is in a long-run equilibrium when a permanent decrease in the market demand occurs. In the long run, which of the following definitely occurs?
A) The price decreases. B) The number of firms decreases. C) The firms' marginal cost increases. D) Marginal revenue increases.
Which of the following macroeconomic variables is not in the equation of exchange?
a. GDP price index. b. Real GDP. c. Real exchange rate. d. Money supply. e. All of the above are part of the equation of exchange.
In the presence of ________, the market mechanism can break down.
A. extensive form games B. normal form games C. asymmetric information D. common knowledge